B. D. Industries (Pune) Limited

Industrials — Conglomerates · BSE

₹123.00+₹4.00 (+3.36%)

DalalBaazaar Score

69 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of B. D. Industries (Pune) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

B. D. Industries (Pune) Limited develops, manufactures, supplies, and sells molded plastic products in India and internationally.

IndustryConglomerates

SectorIndustrials

Employees45

Annual revenue₹101 Cr

How does it make money?

Turns over ₹101 Cr a year. Of every ₹100 of sales, about ₹9 reaches shareholders as profit, with ₹18 left at the operating level before interest, tax and depreciation. Each of its 45 employees supports ₹2.24 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.24 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 21.4%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 20.6% against a peer median of 15.2% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +84% while net margin moved +248% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+84%

Margin effect+248%

DalalBaazaar Score

69/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Trading within 10% of its 52-week high — entries here carry more pullback risk
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

76/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

70/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

16.4x

1.3Y Median

20.2x

16 monthly readings · mean 20.5x · range 20.0x–22.8x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 19% below its 1.3y median of 20.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 81% below the peer median of 88.8x.

vs. its own history

Fair

20.2x median over 16 months · -19%

vs. sector peers

Cheap

88.8x median of 3 peers · -81%

vs. generic bands

Fair

15x–35x

EV/EBITDA

10.2x

PEG

0.19

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 5.9% to 18.2% over 3 years.
High return on capital employed
ROCE of 21.4% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.24x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 24.0% to 21.4% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 694% over 3 years, from ₹2 Cr to ₹18 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Inventory building faster than salesFinancial
Inventory up 447% against revenue up 84% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹29 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.4% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 5.9% to 18.2%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 81% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 22.6% CAGR
Latest reported year was 22.2%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 16%✓ 18.2%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹29 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 18%✓ 21.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✗ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹175 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.4x

Fair

Fairly valued against the generic band

P/B Ratio

2.44x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹7.48

Profitable

Profitable on a per-share basis

ROE

20.6%

Strong

Strong capital efficiency

ROCE

21.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.24x

Low

Conservative leverage

Revenue Growth (YoY)

22.2%

Healthy

Healthy top-line growth

Profit Growth (YoY)

24.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹32 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

10.7%

Good

Assets are working hard

Operating Margin

16.6%

Good

Healthy core-business profitability

Net Margin

9.5%

Average

Average bottom-line conversion

Current Ratio

2.04

Comfortable

Healthy short-term liquidity

52W Range Position

100%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

114.8 / 111.2

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

61.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹55 Cr	₹54 Cr	₹82 Cr	₹101 Cr	+22.6%
EBITDA	₹3 Cr	₹6 Cr	₹16 Cr	₹18 Cr	+78.1%
EBITDA Margin	5.9%	11.1%	19.4%	18.2%	—
PAT (Net Profit)	₹1 Cr	₹3 Cr	₹8 Cr	₹10 Cr	+85.7%
EPS	₹1.05	₹2.24	₹5.4	—	—
ROE	14.4%	23.5%	36.3%	13.3%	—
ROCE	24.0%	36.1%	43.0%	21.4%	—
Total Debt	₹2 Cr	₹5 Cr	₹22 Cr	₹18 Cr	+99.5%
Free Cash Flow	-₹1 Cr	-₹2 Cr	₹8 Cr	-₹29 Cr	—

🟢 Revenue has grown at 22.6% a year over 3 years.

🟢 EBITDA has grown at 78.1% a year over 3 years.

🟢 EBITDA Margin has risen from 5.9% to 18.2% over 3 years (+12.2 pts).

🟢 PAT (Net Profit) has grown at 85.7% a year over 3 years.

🔴 ROE has fallen from 14.4% to 13.3% over 3 years (-1.1 pts).

🔴 ROCE has fallen from 24.0% to 21.4% over 3 years (-2.6 pts).

🔴 Total Debt has grown at 99.5% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹115 Cr

Total Liabilities

₹44 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

-₹11 Cr

Capex

-₹18 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

83.3%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed5 general

B. D. Industries (Pune) Limite Share Price

Upstox, 05 May

Aryaman Capital Markets raises stake in B. D. Industries to 5.64%

scanx.trade, 29 Sept

BHAVIK ENTERPRISES LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 15 Oct

Shree TNB Polymers IPO Date, Price Band, GMP, Subscription & Allotment

IndiaIPO, 23 Sept

Pramara Promotions Ltd. Share Price Within 2% of 52W Low

Univest, 17 Aug

Q4 results 2026: GMR Airports to Cummins India among companies to declare Q4 results today; check full list here

Livemint, 27 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingValuation

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑